The relationship between the trustees and the settlor was the first in time, and, in its personal dimension, essentially transitory. Once the trustee had accepted the office and the trust was executed, the dominant relationship eclipsing all others became that with the beneficiaries. It was an enduring relationship of central importance, and was almost invariably the most difficult and challenging at every level. It was an ongoing relationship of varying degrees of intimacy, with inevitable tensions between the personal and the material. It was certainly more enduring, more complicated and much closer a relationship than a business one would be. Any relationship which attempted to integrate the personal and the business was by its very nature problematic. It was in many ways a quasi-parental relationship, with elements of affection, pride, respect and resentment, but one with important financial undertones, and sustained primarily by legal sanctions rather than by bonds of love, affection or that degree of moral responsibility found between close family members. Any such responsibility felt by the trustee was only indirectly for the beneficiaries themselves, having usually stemmed from his relationship with the settlor. So while trustees did act selflessly, shouldering a significant burden of effort and anxiety to fulfil obligations of conscience, they did not have the psychological and emotional support of the closest blood ties to ease the difficulties of the relationship.

The relationship between trustees and their beneficiaries lay at the heart of the trust arrangement.